ISLAMABAD: Federal Board of Revenue (FBR) issued notification about submission of stocks declaration by the taxpayers.
The notification stated that various amendments have been made in the sales tax through Finance Act, 2019 and major sectors have to charge sales tax at standard rate of sales tax @ 17 percent with effect from 1.7.2019 on supplies. In this regard, the Board have already issued instructions for obtaining declaration of stocks as on 30.6.2019 from taxpayers to avoid any lapse.
It is directed to all taxpayers falling under the jurisdiction, especially manufacturers and commercial importers to file stocks position of raw material/semi finished goods and finished goods as on 30.6.2019 along with their monthly sales tax and federal excise return of June, 2019 to be filed in July, 2019, on the format available with sales tax and federal excise return of June, 2019 to be filed in July, 2019, on the format available with sales tax and federal excise return from in automated system of FBR (Annex-A).
FBR notification further stated that the chief commissioners IR requested to minutely monitor the declaration of taxpayers and in case of any ambiguity observed in declaration, further action under the relevant provisions of law may be initiated against the taxpayers.
